Auto insurer Progressive (NYSE:PGR) contributed 45 basis points to the Fund’s return as its shares increased 8.2% from $56.32 to $60.93. The stock rose alongside the company’s earnings, as Progressive’s bundled home and auto insurance package is gaining market share, while its policy loss rates remain low.
From Jerome Dodson (Trades, Portfolio)'s first-quarter 2018 Parnassus Fund shareholder letter.
